Where does Prince live? Prince owns a number of homes in his hometown of Minneapolis, Minnesota. Prince's home is a water front property on Lake Lucy and Lake Ann totaling 160 acres. For a time Prince lived in his famous "Purple House" in Minneapolis. The local Star Tribune states Prince owns a total of 12 properties in Chanhassen. Prince also purchased a home in an upscale north-end neighborhood in his wife's hometown of Toronto, Canada. Rumor has it Prince is also considering buying a home in France.